Amara Raja Advanced Cell Technologies is building a 16 GWH lithium-ion cell production and battery pack assembly facility in Telangana. After attaining 50 percent of the desired output, it will look for stake dilution.
The Hyderabad-based firm will begin the first phase of the 5 GWh battery pack assembly unit in the near term, says Harshavardhana Gourineni.
At the close, the Sensex was up 2,303 points or 3.2 percent at 74,382 and the Nifty 50 was up 689 points at 22,573. About 2,321 shares advanced, 1,031 shares declined, and 76 shares remained unchanged.
The demand for batteries in the automobile industry surged during the quarter, driven by over 21 percent year-on-year increase in vehicle production
While Exide's upbeat sentiment stems from the Kia-Hyundai partnership, Amara Raja is expected to continue to outpace the organised lead-acid battery industry
Emkay Global Financial recommended hold rating on Amara Raja Batteries with a target price of Rs 590 in its research report dated August 15, 2023.
Sharekhan is bullish on Amara Raja Batteries has recommended buy rating on the stock with a target price of Rs 717 in its research report dated August 16, 2023.
The company, which owns the Amaron battery brand, aims to penetrate into two-wheeler EV market first with chargers and eventually through battery packs as it expands its so-called 'new energy' segment.
The battery manufacturers' revenue from operations jumped 14 percent to Rs 2,79 crore largely aided by robust volume growth in the automotive, telecom and UPS segment.
This gains significance as Clarios ARBL Holdings sold its entire stake in the battery maker through bulk deals on July 18. It offloaded 2.4 crore shares or about 14 percent stake in the company.
Rekha Jhunjhunwala, the widow of the late Rakesh Jhunjhunwala, has sold 5.5 percent stake in Rallis India.
Around 24.6 million shares, representing 14 percent stake, changed hands on the exchanges in Amara Raja Batteries.
The benchmark Nifty is likely to march towards 19,300-19,500 levels in coming days, as long as it holds the 19,000 mark, which is an immediate support, then 18,800 levels, experts said
Geojit is bullish on Amara Raja Batteries has recommended buy rating on the stock with a target price of Rs 762 in its research report dated June 21, 2023.
Sharekhan is bullish on Amara Raja Batteries has recommended buy rating on the stock with a target price of Rs 696 in its research report dated May 25, 2023.
Traders are advised to book profits hereon as there could be a sharp corrective move in the coming weeks. On the downside, the immediate support is at 18,060, and a breach of the same might result in further profit-booking.
Cyient has formed long bullish candle on the daily scale with above average volumes, with making higher tops higher bottoms formation for third consecutive session. The stock jumped 4.6 percent to end at record closing high of Rs 1,287.
Net Sales are expected to increase by 20.3 percent Y-o-Y (down 0.5 percent Q-o-Q) to Rs. 2,622.8 crore, according to Motilal Oswal.
Greenpanel Industries surged 14 percent to Rs 312.5, the highest closing level since January 31 this year. The stock has formed large bullish candlestick pattern on the daily charts with significantly higher volumes and also there was an expansion of Bollinger band on both sides.
Despite being in flee mode for most part of the last calendar year, foreign investors remained buyers in some new-age firms in the December quarter
ITC has been in a strong uptrend since February last year and after a brief consolidation of 2 months, the stock looks ready for the next upmove.
